93 Percent of UK Citizens Have Heard of Bitcoin, Survey Says

Despite being in a fairly nascent stage in its development, nine out of ten people in the UK have apparently heard of Bitcoin. More interestingly, though, over 20 percent of them said they actually understand it, according to a new local survey.

9 out of 10 Know of Bitcoin in the UK

A recent survey carried out by pollsters YouGov has found out that 93 percent of UK citizens are aware of Bitcoin and know what it is, Forbes reports.

More interestingly, though, 2 out of 10 people have said that they understand the technology behind it “fairly” well, which is surprising, given its overall complexity and nascent state of development.

However, Bitcoin’s usage for payments on the internet, let alone in conventional brick-and-mortar stores, is undoubtedly low and 43 percent of the interviewed said they expect this to remain unchanged.

It’s worth noting, though, that another survey carried out in the U.S., determined that 1 out of 4 affluent millennials are either holding or using cryptocurrencies.

Bitcoin in the Mainstream

Despite the fact that it’s only 10 years old, Bitcoin has definitely managed to receive serious mainstream attention. It goes without saying, though, that much of it was due to its unparalleled rally at the end of 2018 when the cryptocurrency reached $20,000.

Earlier in September, Live Bitcoin News reported that popular UK drama Coronation Street has featured a cryptocurrency storyline. Just a few days ago, flagship watchmaker and high-end brand Hublot announced that it’s to launch a limited edition timepiece for Bitcoin’s 10th anniversary.

However, Bitcoin’s 2018 performance is all but impressive. The leading digital currency has lost roughly around 70 percent of its all-time high value in January. What is more, it’s trading in a rather narrow range, causing its volatility to be at its lowest point since early 2017.

What do you think of Bitcoin’s adoption? Don’t hesitate to let us know in the comments below!